Michael Sardar published in Journal of Taxation,"What Constitutes 'Willfulness' for Purposes of the FBAR Failure- to-File Penalty"

By Michael Sardar

Form TD F 90-22.1, Report of Foreign Bank and Financial Ac­counts (FBAR), must be filed by U.S. persons to disclose ownership, signatory, or other authority over a for­eign bank, security or financial account. Harsh civil and criminal penalties can be imposed for a willful failure to file the FBAR.1 The willfulness element of both of the FBAR penalty provisions will be examined below. 

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